Crypto investors descend on Trump's golf club for $230 million meme coin dinner
A company controlled by the Trump family and a second firm together hold 80 per cent of the remaining supply of $TRUMP coins, and have so far earned $US320.19 million in fees, including at least $US1.35 million after the dinner announcement, according to blockchain analytics firm Chainalysis.
More than half of the 220 holders who attended the black-tie event are likely based outside the United States, according to blockchain analysis.
In response to criticisms about Trump using his office to enrich himself from the meme coin, White House spokeswoman Karoline Leavitt said on Thursday, Washington time: 'All of the president's assets are in a blind trust, which is managed by his children. And I would argue, one of the many reasons that the American people re-elected this president back to this office is because he was
a very successful businessman before giving it up to publicly serve our country.'
The Trump Organisation did not respond to requests for comment.
Vincent Liu, chief investment officer of Taiwan-based crypto market maker Kronos Research, said he had hopes of networking with other top holders and even possibly meeting the president.
'That kind of access is rare, and it represents how digital assets are entering the mainstream.'
Private cocktail reception
Sheldon Zia, founder of the Cayman Islands-based crypto exchange BitMart, posted on X prior to the event that, as a top-25 holder, he was heading to not just the dinner but also to a private VIP cocktail reception before the dinner and a private VIP tour the following day.
An initial announcement said the 25 VIPs – the majority of their identities so far unknown – would tour the White House. That detail has since been deleted from the $TRUMP meme website.
There are also domestic Trump supporters such as Vincent Deriu, a 27-year-old New York consultant who said he already owns 'many' Trump-branded watches, 'a few pairs of' Trump
sneakers, and 'more than 50' Trump NFTs. Deriu joined the dinner on Thursday for $US116,000.
Trump spent an hour at the event, where meme coin holders were served an organic field green salad, filet mignon, pan-seared halibut, garlic mashed potatoes and a vegetable medley, followed by a warm lava cake, according to a photo of the gold-lettered menu posted to social media.
Senior Democratic members of the House and Senate held a press conference earlier on Thursday to highlight what they described as Trump's 'corrupt' crypto practices and to push for legislation that would ban such activities.
'Donald Trump's dinner is an orgy of corruption,' Massachusetts Senator Elizabeth Warren said.
Connecticut Senator Chris Murphy noted the anonymity of attendees.
'Reportedly, there's going to be a guy there tonight called Ogle,' Murphy said. 'That's it. That's all we know about this guy. He wears a mask all the time.'
'The Biden administration persecuted crypto innovators, and we're bringing them back into the USA where they belong.'
Donald Trump
When reached for comment by Reuters, Ogle, a crypto security specialist, said that he used a pseudonym and appeared in video interviews with his face obscured by a bandana and sunglasses to protect himself because of safety concerns related to his pro bono work, in which he says he has helped victims of crypto criminals recover more than half a billion dollars.
Ogle said Murphy's accusations were 'misplaced'.
'My motive for attending this dinner is very straightforward,' said Ogle, who also serves as an adviser to Trump's cryptocurrency platform, World Liberty Financial.
'I'm curious by nature, I believe it will be an historic moment, and I'm fortunate to have the opportunity to go.'
Ogle came in at number 22 in the contest, and holds a total of $US3.6 million worth of the $TRUMP coin.
Democratic lawmakers have introduced a flurry of bills aimed at ending the ability of presidents and members of Congress to own or oversee businesses that issue or promote crypto products.
Given that Republicans have majority control of both the US House and Senate, the Democratic Party has limited ability to pass legislation and call for public hearings or formal investigations.
Of all of the Trump family's cascade of new crypto ventures – which now include a crypto exchange, a stablecoin, a bitcoin mining operation and digital asset ETFs – the meme coin has sparked particularly strident criticism from Democratic lawmakers and government watchdog groups, who have decried it as 'a race to the bottom for presidential grifting'.
Now, even some Trump allies are starting to weigh in, with Republican Senator Cynthia Lummis, a robust and staunch crypto industry advocate, saying the dinner gives her 'pause'.
Since the $TRUMP meme coin launched in January, the profits have favoured big investors: more than 60 large wallets have profited close to $US1.5 billion, with $US48 million in profits occurring after Trump posted about the contest on social media, according to reviews by Inca Digital and crypto analytics tracker Bubblemaps, as of May 8.
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